The firm now holds 5.39 million ETH, or $11.4 billion, as it nears its 5% circulating supply target.
BitMine Immersion Technologies acquired 111,942 ETH last week, valued at over $237 million, marking its largest purchase of the year. The move lifts its total holdings to 5.39 million ETH, worth approximately $11.4 billion at current prices near $2,117 per token.
The firm now controls 4.4% of the circulating ETH supply, edging closer to its 5% goal. BitMine had previously signaled a slower acquisition pace but cited ETH’s dip below $2,200 as an opportunity to expand its position. Of its holdings, 4.7 million ETH are staked, generating annualized revenues exceeding $276 million.
Chairman Tom Lee reiterated expectations for a crypto supercycle, driven by tokenization and AI trends. The firm’s staking operations, managed via its Made in America Validator Network, underpin its revenue projections.